September 11, 2023 15:10 GMT
Little Change For NY Fed Inflation Expectations Amidst Further Credit Tightening
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- The NY Fed consumer survey showed 1Y ahead expectations increased slightly from 3.55% to 3.63%, mostly consolidating its sizeable moderation lower over the past year.
- Some conflicting moves in medium-term measures, with the 3Y easing further from 2.91% to 2.79% for its lowest since Mar’23 whilst the newer 5Y measure re-accelerated a tenth back to 3.0%.
- These medium-term measures have in the past three months moved back consistent with the 5-10Y U.Mich equivalent.
- Of note within the NY Fed consumer survey, "Perceptions of credit access compared to a year ago deteriorated in August, with the share of households reporting it is harder to obtain credit than one year ago hitting a new series high. Expectations for future credit availability also deteriorated in August, with the share of respondents expecting it will be harder to obtain credit in the year ahead increasing."